{"id":792098,"date":"2026-10-04T22:48:32","date_gmt":"2026-10-04T22:48:32","guid":{"rendered":"https:\/\/www.newsbeep.com\/uk\/792098\/"},"modified":"2026-10-04T22:48:32","modified_gmt":"2026-10-04T22:48:32","slug":"hsbc-banker-banned-from-the-city-for-dodging-5900-in-train-fares","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/uk\/792098\/","title":{"rendered":"HSBC banker banned from the City for dodging \u00a35,900 in train fares"},"content":{"rendered":"<p>4 Oct 2026, 10:35Updated: 13h ago<\/p>\n<p class=\"_abstract_eo4rj_72\">Joseph Molloy used the &#8220;sophisticated&#8221; scam to evade \u00a35,900 in fares from Southeastern<\/p>\n<p>4 Oct 2026, 10:35 | Updated: 13h ago<\/p>\n<p class=\"paragraph-text\"><a href=\"https:\/\/www.lbc.co.uk\/article\/lbc-launches-new-subscription-service-lbc-catch-up-plus-5Hjdhpq_2\/\" rel=\"noopener nofollow\" target=\"_blank\">Enjoy your favourite LBC shows with ad-free Catch Up, weekly competition entries and an exclusive newsletter. Subscribe to LBC Catch Up Plus from \u00a34.99 a month<\/a><\/p>\n<p>        <img decoding=\"async\" loading=\"lazy\" alt=\"Joseph Molloy\" class=\"content-image\" data-image-catalogue-id=\"793541\" width=\"660\" height=\"370\" src=\"https:\/\/www.newsbeep.com\/uk\/wp-content\/uploads\/2026\/10\/793541.webp\"  \/><\/p>\n<p>    A wealthy HSBC banker has been banned from his local railway after using a &#8216;doughnutting&#8217; scheme to scam his way out of \u00a35,900 in train fares.<\/p>\n<p>Picture:<br \/>\nSocial Media<\/p>\n<p class=\"standfirst\">A former HSBC executive has been banned from working in financial services after evading thousands of pounds in train fares.<\/p>\n<p class=\"paragraph-text\">Joseph Molloy, 53, has been prohibited by the Financial Conduct Authority (FCA) from performing any regulated activity.<\/p>\n<p class=\"paragraph-text\">He was convicted of the train fare fraud earlier this year.<\/p>\n<p class=\"paragraph-text\">The FCA said his conviction demonstrates that he \u2018lacks honesty and integrity.\u2019<\/p>\n<p class=\"paragraph-text\">Molloy admitted fraud by false representation in February after using a ticketing scam known as &#8220;doughnutting&#8221; to reduce the cost of his commute between Orpington and Canary Wharf.<\/p>\n<p class=\"paragraph-text\">It involves buying tickets for the start and finish of a journey but avoiding payment for a section in the middle.<\/p>\n<p class=\"paragraph-text\"><a href=\"https:\/\/www.lbc.co.uk\/crime\/joseph-molloy-hsbc-banker-loophole-fare-dodger\/\" rel=\"nofollow noopener\" target=\"_blank\">Read more: Wealthy HSBC banker who used loophole to dodge \u00a35,900 of train fares spared jail<\/a><\/p>\n<p>        <img decoding=\"async\" loading=\"lazy\" alt=\"SouthEastern train; a South Eastern rail train carriage, London UK\" class=\"content-image\" data-image-catalogue-id=\"793540\" width=\"660\" height=\"370\" src=\"https:\/\/www.newsbeep.com\/uk\/wp-content\/uploads\/2026\/10\/793540.webp\"  \/><\/p>\n<p>    Molloy used the &#8216;doughnutting&#8217; method to save \u00a35,911 over 11 months on Southeastern services, Inner London Crown Court heard.<\/p>\n<p>Picture: <a href=\"https:\/\/www.alamy.com\/stock-photo-southeaste-37844932.html\" target=\"_blank\" rel=\"nofollow noopener\"><br \/>\nAlamy<br \/>\n<\/a><\/p>\n<p class=\"paragraph-text\">He used the tactic at least 740 times between October 2023 and September 2024, saving nearly \u00a36,000.<\/p>\n<p class=\"paragraph-text\">Molloy received a 10-month prison sentence suspended for 18 months. He was also ordered to complete 80 hours of unpaid work, pay \u00a35,000 compensation and was banned from using Southeastern services for a year.<\/p>\n<p class=\"paragraph-text\">The FCA said Molloy had accepted that his conduct fell below the standards expected by the regulator and had not challenged the decision.<\/p>\n","protected":false},"excerpt":{"rendered":"4 Oct 2026, 10:35Updated: 13h ago Joseph Molloy used the &#8220;sophisticated&#8221; scam to evade \u00a35,900 in fares from&hellip;\n","protected":false},"author":2,"featured_media":792099,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[84,59,56,54,55],"class_list":["post-792098","post","type-post","status-publish","format-standard","has-post-thumbnail","category-business","tag-business","tag-gb","tag-uk","tag-united-kingdom","tag-unitedkingdom"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/posts\/792098","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/comments?post=792098"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/posts\/792098\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/media\/792099"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/media?parent=792098"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/categories?post=792098"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/tags?post=792098"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}